SOLUTION: Jamie wants to earn $500 in interest so she will have enough to pay a used car. She puts $2000 in to an account that earns 2.5 percent interest. How long will she need to leave he

Question 1145664: Jamie wants to earn $500 in interest so she will have enough to pay a used car. She puts $2000 in to an account that earns 2.5 percent interest. How long will she need to leave her money in the account to earn $5000 ininterest? Write the equation and solve.
Answer by greenestamps(13203) (Show Source): You can put this solution on YOUR website!

I = prt

I = interest ($500, or maybe $5000)
p = principal (the original amount invested -- $2000)
r = interest rate (annual -- 2.5%; that is, 0.025)
t = time (years -- the unknown, to be determined)

Plug in the given numbers and solve.

It should be easy; you won't learn anything by having us give you the answer.

Of course, you have to decide whether the interest amount she wants is $500 or $5000, since you show the two different amounts in your post.

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